June 16, 2019 / 10:18 AM / 2 months ago

Israel's Navitas says oil production starts at Gulf of Mexico's Buckskin

JERUSALEM, June 16 (Reuters) - Israel’s Navitas Petroleum said on Sunday that oil production had begun at its Buckskin project in the Gulf of Mexico, which holds proven reserves of 474 million barrels of oil.

Production is expected to last some 18 years and bring in total revenue to Navitas and its partners of about $11.3 billion, the company said in a statement. Navitas, which holds a 7.5% stake in Buckskin, estimated its discounted cash flow from the project will be about $239 million.

Navitas said it is exploring together with operator LLOG Exploration the development of the Buckskin South reservoir, which could hold an additional 259 million barrels of oil. (Reporting by Ari Rabinovitch Editing by Keith Weir)

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